October 24, 2018 / 2:11 PM / 3 months ago

IDFC Bank posts first quarterly loss since market debut

Commuters walk past a bank sign along a road in New Delhi in this November 25, 2015 file photo. REUTERS/Anindito Mukherjee/Files

(Reuters) - IDFC Bank Ltd on Wednesday posted its first quarterly loss since its stock market debut in November 2015, as the bank set aside funds to comply with regulatory norms.

The bank’s net loss was 3.70 billion rupees ($50.59 million) for the quarter ended Sept. 30, compared with a profit of 2.34 billion rupees a year ago, the private sector lender said in a statement.

Gross bad loans as a percentage of total loans narrowed to 1.63 percent at September-end, compared with 3.24 percent in the preceding quarter and 3.92 percent in the same period a year ago.

($1 = 73.1300 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Shailesh Kuber

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